Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for its MSAMP5 Step-Up Jump Notes with Auto-Callable Feature due November 30, 2033, linked to the Morgan Stanley Amplitude Index.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor, according to the filing.
  • Estimated value: The notes carry an estimated value of $879.70 per note, or within $29.70 of that estimate, which the filing notes is less than the original issue price.
  • Underlier: Returns are linked to the Morgan Stanley Amplitude Index, established January 5, 2026, giving it "very limited actual operating history," per the filing.
  • Auto-call schedule: Six annual determination dates run from November 24, 2027 through November 24, 2032, with early redemption payments ranging from at least $1,160 to at least $1,960 per note.
  • Principal protection: The filing discloses that if the notes are not redeemed early and reach maturity, the payment at maturity is $1,000.00 per note regardless of underlier performance, including declines of up to 100%.
  • No interest payments: The filing states explicitly that the notes do not pay interest.
  • CUSIP: 61781TRU9; pricing date is November 24, 2026, and maturity date is November 30, 2033.

Terms and Structure of the MSAMP5 Step-Up Jump Notes

According to the filing, the notes are offered by Morgan Stanley Finance LLC under Registration Statement Nos. 333-293641 and 333-293641-01, with Morgan Stanley serving as guarantor. The product is linked to the Morgan Stanley Amplitude Index, a proprietary index that the filing discloses was established on January 5, 2026, and therefore "has very limited actual operating history." The filing cautions that investments in a new index "may involve greater risk than an investment in an index with longer actual historical performance and a proven track record."

The auto-callable structure provides six annual opportunities for early redemption. On determination date one (November 24, 2027), the notes are called if the index closes at or above 100.75% of its initial level, delivering at least $1,160 per note. Call thresholds rise by 0.75 percentage points each year, reaching 104.50% on determination date six (November 24, 2032), with a corresponding early redemption payment of at least $1,960. The filing's hypothetical examples assume a call return of 16.00% per annum. If none of the call conditions are met, investors receive $1,000.00 per note at maturity on November 30, 2033, regardless of underlier performance, including a decline of 100%.

The filing discloses that the estimated value of $879.70 per note is below the original issue price because of "costs associated with issuing, selling, structuring and hedging the notes." It further states that the estimated value "is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price." The notes will not be listed on any securities exchange, and secondary trading may be limited, according to the filing. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for auto-callable structured notes due November 30, 2033, linked to a proprietary index. The filing details the call schedule, estimated value, principal terms, and an extensive list of risk factors relating to the notes and underlier.